POTSDAM — Three students from SUNY Potsdam’s department of business administration have won the university’s most recent business-plan competition. Edwin Portugal, a professor of business administration at SUNY Potsdam, started the competition in 1993, the school said in its Sept. 8 news release. As part Portugal’s capstone course, “Strategic and Global Management,” 16 students were […]
POTSDAM — Three students from SUNY Potsdam’s department of business administration have won the university’s most recent business-plan competition.
Edwin Portugal, a professor of business administration at SUNY Potsdam, started the competition in 1993, the school said in its Sept. 8 news release.
As part Portugal’s capstone course, “Strategic and Global Management,” 16 students were split into five teams that worked to create strategic business plans for products of their choosing. Much like an episode of ABC’s TV show “Shark Tank,” at the end of the course, students pitched their business ideas to faculty and accomplished entrepreneurs in the community.
“The business plans pull together the students’ understanding of accounting, finance, management, marketing, information systems, legal environment of business, human resource management, and operations management,” Portugal said. “Students experience the stimulation of working in teams, the exhilaration of innovative thinking, the excitement of public speaking, and the challenges of coordinating team members’ unique talents.”
The three winning seniors include Caroline LaFountain, Wesley Hall, and Eben Thrasher, who earned top marks for their “CarBage Buddy,” a dual-purpose garbage bag.
“I am so honored to have been a part of this competition. Over the four years at SUNY Potsdam, I’m proud of the progress that I have made in the business administration program,” LaFountain, the team manager, said in the SUNY Potsdam release. “It also meant so much to me to have my father, who is a successful businessman, present at the competition where I was able to show him all my hard work this semester and over the past years. This was an unforgettable experience.”
The teams had to write a business proposal; create a prototype of the product; create a PowerPoint presentation; and make a business pitch to external judges in the hopes of convincing them to invest in their business idea.
The class and competition had a similar impact on Thrasher, a native of Canton in St. Lawrence County.
“This was unforgettable. As an avid watcher of ABC’s ‘Shark Tank,’ I was elated that I got to pitch my product idea in front of the investors,” Thrasher said. “Throughout the semester, through our hard work and dedication, we formed a strong bond that helped us overcome all challenges we faced. I just wanted to give a shout out to my girlfriend, Nicole Peña, who assisted the sewing of the product. Of course, our dog, Cleo, played a role as well as he was the original inspiration for the ‘CarBage Buddy.’”
In addition to the winning team’s stuffed animal that doubles as a trash bag, the other teams’ products included an insulated beverage bag for golfers, a multi-use phone case for college students, a dual-purpose candle for women, and a two-tiered umbrella for active couples.
The judges included David Davin, VP for advancement at SUNY Potsdam; Allen Grant, dean of the School of Education and Professional Studies; Christa Haifley, an associate professor in the department of business administration; Jason LaFountain, the northeast director of Brockway-Smith Company, a $16 billion building materials company where he has worked for 22 years; and Amanda Ledesma, a visiting assistant professor in the Department of Business Administration, SUNY Potsdam said.